Beijing: The largest ever anti-corruption investigation on China’s oil industry continues. Yesterday CPC Central Committee officially removed former PetroChina head Jiang Jiemin from his post as head of State-owned Assets Supervision and Administration Commission (SASAC).
Several listed companies, which have business relations with PetroChina, all suffered different levels of drops in share prices this week. Some of them including Renzhi Oilfield Technology Services, Shenkai Petrolum & Chemical Equiment, Jinhong Energy, and Anton Oilfield Services have clarified to the public that their businesses are not affected by the PetroChina investigation.
Following Hua Bangsong, chairman of Wison Engineering Services, being investigated by the authorities, several senior officials from China Era Energy Power Investment and general manager of Sichuan Mingxing Cable have also been taken away by the authorities for investigations. [05/09/13]
